State economy likely to grow by 5%

KUCHING: The state’s economy is forecast to grow by 5% this year, driven by the services, manufacturing and construction sectors.

Second Finance Minister Datuk Seri Wong Soon Koh said the services sector was expected to expand at 4.7% this year.

He said moderate growth was anticipated in trade-related subsectors such as transport and storage.

However, continued efforts to attract investors into the state would support growth in the accommodation and restaurant subsectors.

Manufacturing is estimated to grow at 6.4% as the construction of major manufacturing plants by investors in Samalaju Industrial Park has created strong demand for domestic building materials while stimulating the growth of support industries.

Wong also said the construction sector would continue to play a major role to stimulate domestic economic activities and was forecast to register strong growth of 7% this year.

“The growth is anticipated to be driven mainly by the speedy implementation of infrastructure projects under the 10th Malaysia Plan, under the Sarawak Corridor of Renewable Energy (SCORE) programme, as well as the construction of manufacturing plants in the SCORE area,” he said in his winding-up speech yesterday.

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